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Old October 4th, 2010, 07:30 PM   #101
hkskyline
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Quote:
Originally Posted by z0rg View Post
Yes, you are right. AFAIK the SOEs play a minor role in Guangzhou's skyscraper fever. R&F is the main developer by far, many plots at the Zhujiang Xincheng CBD are being developed by R&F. Most skyscraper projects in China are developed by listed companies from Mainland China and Hong Kong.
I'm going to be a bit cynical about this because these firms may be government-linked even if part of their float is publicly-listed.
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Old October 4th, 2010, 10:15 PM   #102
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Well Shui On, R&F, Huafeng, Shimao, Vanke, Evergrande/Hengda, Poly, Gemdale, Greenland, Longfor are all fully non-SOE companies, aren't they?

Some SOE may be involved in large real estate/skyscraper developments as a way to diversify its operations, but not many skyscrapers are developed by SOEs. And anyway many skyscrapers developed by SOEs are actually office towers to be used by the same companies (Gezhouba supertall in Wuhan, etc).
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Old October 5th, 2010, 03:50 AM   #103
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True ... I doubt the central government has any involvement in forcing these semi-private enterprises to build. But whether this supply boom is a sign of a bubble is quite debateable now.
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Old October 5th, 2010, 04:15 AM   #104
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Despite of the huge new supply, vacancy rates remain more or less stable, that's the key. Yes, very high in most cities, but they are stable, and the take-up lag is reasonable. Also the A grade office supply in second tier cities has a very low base, that's pushing vacancy rates very high too.

Shanghai stopped its skyscraper boom for a few years because of bubble concerns and the vacancy rate collapsed in 4-5 years, from 15-20% to 1% by 2007, causing a major supply bottleneck. Such a booming economy needs high vacancy rates, Shanghai proved it. Now Shanghai's vacancy is back to a healthy 10-15% on SWFC, Wheelock and many other recently completed towers.

On the other hand, Beijing's vacancy rate has remained stable around 15-20% over the last 8 years, yet the occupied area skyrocketed from 4 million sqm in 2004 to 9 million nowadays. Fortunately Beijing hasn't paid attention to skyscraper naysayers.

Guangzhou is around 15% too, down from 25% back in 2007. It'll surely rebound sharply within 2011, but who cares? The mid-long term demand is crazy, and Zhujiang CBD offices will take less than 10 years to be absorbed imo.
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Old October 8th, 2010, 05:34 PM   #105
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Nice, I could see the contruction, can be seen from North Gate of Sun Yat Sen University
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Old October 19th, 2010, 01:55 AM   #106
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Old October 26th, 2010, 06:11 AM   #107
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Quote:
Well Shui On, R&F, Huafeng, Shimao, Vanke, Evergrande/Hengda, Poly, Gemdale, Greenland, Longfor are all fully non-SOE companies, aren't they?
As usual, in China things aren't quite so cut and dry. In reality, the vast majority of China's listed companies (upwards of 96%) are either partially government owned, fully government owned, or used to be government owned. There are SOEs that operate very similar to western corporations, and then there are private companies that are intricately tied to the government. Further convoluting the picture is that 50%+ of the funds that go into the Chinese stock market are via 'grey market mutual funds' that are provided by the SOEs themselves.

Thus, Equity capital isn't the right way to look at it - the key thing to ask is, "where does the company in question obtain financing"? The vast majority of China's successful private companies (Tecent, Baidu, Gome, etc etc) are HK domiciled and internationally financed.

The mainland Chinese banking system is, however, a massive torrent of cheap money for those that are connected into it. This is where the returns on capital employed are often quite questionable...
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Old October 26th, 2010, 10:29 PM   #108
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Private firms make headway in Shanghai top 100 list
2010-10-25 06:04:29 GMT2010-10-25 14:04:29 (Beijing Time) Global Times

This year's Shanghai Top 100 Enterprises list contains 32 privately-owned firms, the most since the annual list began being compiled in 2005.

The list was released on Friday by Shanghai Enterprise Confederation and Shanghai Entrepreneurs' Association, ranking the top 100 companies in the city based on their previous year's revenue.

Last year's list contained just 11 privately-owned firms.

"I hope the government will continue to create a fair environment so as to give broader space to private firms, since Shanghai's private sector still lags behind some other cities," Shi Jianxing, chairman of Shanghai Kuailu Investment Group, said at the ceremony to announce the list on Friday.

However, the top three companies were all State-owned. Shanghai Automotive Industry Corporation was listed first place, climbing from second place last year to switch positions with Baosteel, which ranked second this year. Bailian Group remained in third place.

The other companies in the top 10 were Bank of Communications, China Pacific Insurance, Shanghai Electric Group, Yihai Kerry, Bright Food Group, Shanghai Construction Group and Electric Power of Shanghai. All, with the exception of Singapore-based Yihai Kerry, are State-owned.

Shanghai has 350,000 registered private firms, which contribute 700 billion yuan ($105 billion), or 48.4 percent of the city's GDP, the report said.

The combined annual revenue of the 32 listed private firms that made it into this year's list was 207 billion yuan ($31 billion), giving an average revenue of 6.40 billion yuan ($960 million). Their overall net profit climbed to 13.70 billion yuan ($2.06 billion), up 43 percent year-on-year, while the equity of their owners increased to 72 billion yuan ($10.81 billion), up 16 percent year-on-year.

Meanwhile, on Friday international accounting and consultancy firm Deloitte published its list of top 50 high-tech and fast-growing enterprises in China, of which six companies were based in Shanghai, while 36 were based in Beijing.

Privately-owned AdChina, ranked third with an annual growth rate of 2,744 percent.

Beijing-based China United Cleaning Technology Company topped the list, with annual growth of 7,744 percent.

Source: http://english.sina.com/business/201...DTN+Fashion%3A


Forbes: Growth of China's listed family companies outpacing state enterprises
15:27, September 15, 2010

The growth rate and profitability of listed Chinese family companies is higher than in listed state-owned enterprises (SOEs), according to the first "Chinese Family Business Survey" that Forbes China magazine launched yesterday.

Statistics show that by the end of June of this year, a total of 305 of all listed companies in Shanghai and Shenzhen are family businesses, accounting for 36.2 percent of the total number of listed private enterprises. The total market value of listed family business has reached 1.47 trillion yuan, or about 218 billion U.S. dollars, accounting for 7 percent of the total market capitalization of Shanghai and Shenzhen listed companies.

In terms of the age distribution of the first generation of entrepreneurs, more than 60 percent were born in the 1940s and 1950s. And corresponding with their age distribution, 47 percent of the second generation of Chinese rich families were born in 1970s, only less than 30 percent were born in 1960s and less than 20 percent born after 1980. This shows that the post-70s generation forms the backbones of the second generation of entrepreneurs.

Of those listed family enterprises, 110 Chinese are husband-and-wife businesses and 133 are co-owned by one or more siblings. These two types account for the majority of listed family businesses.

Forbes explains that during the start-up period, many entrepreneurs can get better support from people who are in their own age group and can be trusted, such as their husbands or wives and brothers.

Although the Chinese family businesses started from small workshops, their earning power and growth rate put other companies to shame. The survey shows that the sales growth rate of the listed family businesses has reached 17.2 percent in last 3 years, while that of the listed state enterprises has grown by 7 percent. In terms of profitability, the average net profit rate of the listed family businesses reached 12.5 percent in three years, while state enterprises only saw less than 3 percent.

In regard to the company's future successors, 65.8 percent of the polled entrepreneurs hope that their business can be inherited by the second generation.

However, Forbes China chief editor Zhou Jiangong said that the Chinese private enterprises have just grown up and prospered in the hands of the first generation of the entrepreneurs, which are far from "rich over three generations" or "family business evergreen."

By Zhao Chenyan, People's Daily Online

Source: http://english.peopledaily.com.cn/90...6/7141142.html
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Old October 31st, 2010, 08:43 PM   #109
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October 31 by ewarld
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Old December 7th, 2010, 01:51 AM   #110
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Old December 26th, 2010, 11:10 PM   #111
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Old December 26th, 2010, 11:45 PM   #112
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This is Tianhe? Sort of the Pudong of Guangzhou? Amazing, looks massive, new and shiny. Isn't that there is underground part too, in Tianhe?
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Old January 4th, 2011, 09:31 PM   #113
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Old January 5th, 2011, 03:03 AM   #114
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Almost T/O...
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Old January 5th, 2011, 10:45 AM   #115
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Quote:
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This is Tianhe? Sort of the Pudong of Guangzhou? Amazing, looks massive, new and shiny. Isn't that there is underground part too, in Tianhe?
Yes - this is a part of Tianhe called Zhujiang New Town. The site lies along the new central axis going N-S towards the Pearl River, with a collection of commercial skyscraper towers and cultural facilities.
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Old January 8th, 2011, 09:40 AM   #116
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I didnt like the renders but now its actually starting to look a little bit special. Sure its a box, but they are going with a conservative and stable look with the windows drawn in like that, in the dark stone fasade. Looks like a banker in a dark suit! Very fitting for a bank actually. And a great contrast to the other sleek ultra-modern towers.
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Old January 9th, 2011, 09:04 PM   #117
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January 9 by senlan


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Old January 10th, 2011, 09:37 PM   #118
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I took these last weekend:

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Old January 29th, 2011, 10:41 AM   #119
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Old January 29th, 2011, 12:21 PM   #120
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It looks very futuristic,Guangzhou will be my station in my next travel to China.
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